, applications today are refinance applications and a lot of that money is coming back into the economy and will help during the fourth quarter. that's the good news. bad news is all the job losses on the good producing side of the sector. manufacturing job loss two months in a row. that's global demand and the global weakness. you see the unevenness of the recovery persist. >> that's the stuff that presidential candidates or presidents can have difficulty moving the needle on. you did talk about housing which i've been calling the golden lining around the cloud. i want to bring in don peebles. he owns a real estate firm. he's a democrat. don most of your work is in sort of bigger stuff. you're not buying individual homes. but there's definitely stuff going on in the construction sect jobs in home building, in home buying as diane said in refinancing. these low rates as expensive as they've been to keep in place seem to be combining with low home price, low property price and causing some activity. >> the housing market has picked up especially in more of our global cities. if you look

's the world economy and the u.s. economy. the imf cited two reasons things could get worse, first if european lead s fail to support their ailing economies and second if leaders here in the united states let us plunge over the fiscal cliff. the imf sister organization, the world bank citing the same two factors, cut its growth forecast for asia this week as well. now, that's for the next couple of years. where are we going to be in 2016, four years from now, when we're discussing the next u.s. election? that depends on which of these two roads america takes on election day. i'll take you down both paths on this show starting with what 2016 will look like under a president mitt romney. start with jobs. he says 12 million jobs will be created in the next four years. as i keep telling you, that claim it ridiculous, considering the sluggish growth we're seeing right now and the new downward revision. but for the purposes of this exercise, i'll take him at his word and presume an historic surge in jobs lies ahead. let's talk about taxes next. i'm going to let governor romney explain this for himse

is coming back into the economy and will help in the fourth quarter. all the job losses on the manufacturing side two months in a row in the heavy manufacturing sector, that's global demand, so you really see the unevenness of the recovery persist, and that's not enough. >> and the presidential candidates can have difficulty moving the needle on that, but you did talk about housing which i call the golden lining around the cloud. i want to bring in ron peebles. he's a top fundraiser for the obama campaign. don, you're not buying individual homes, but there's definitely stuff going on in the construction sector, in homebuilding, in home buying, as diane said, in refinancing. these low rates as expensive as they've been to keep in place, it seems to be combining with low income prices. >> if you look at the market in miami, for example, which was one of the biggest drops when the housing recession hit the hardest, miami is back. miami is back in a very big way. new york is back in a very big way. washington, d.c. is back. markets like phoenix, they're back as well. nevada, for example, still h

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